Kenya smallholder tea farmers earn Sh63.6 billion from tea exports
Trade and Investment
By TF News reporter
The Kenya Tea Development Agency Holdings Limited (KTDA), has announced Sh63.6 billion in farmers’ earnings for the 2014-2015 financial year, which represents a 21 per cent jump from the Sh52.6 billion earned in the 2013 – 2014 financial year.
Of the Sh63.6 billion, Sh43.25 billion will be paid out to smallholder tea farmers as bonuses later next month as Sh14.55 billion has already been paid out monthly to farmers as initial payment, based on monthly green leaf deliveries to factories, at the rate of Sh14 per kilo of green leaf.
By TF News Reporter
The World Bank Group has approved US$61.5 million to enable Kenya to improve water security and climate resilience for beneficiaries in the western and coast regions.
The Bank’s Executive Board of Directors today approved US$58 million International Development Association (IDA) credit additional financing for restructuring of the Kenya Water Security and Climate Resilience Project, which was approved in June 2013 with a credit of $155 million.
World Bank President Jim Yong Kim and UN Secretary General Ban Ki-moon arrives in Nairobi next week to strengthen cooperation for peace, security and development in the Horn of Africa.
The two who arrives on Tuesday will meet President Uhuru Kenyatta and later meet with private sector representatives to discuss regional integration and economic opportunities for countries in the Horn.
Kim visits Kenya at a time when Kenyans are optimistic about prospects for better growth and equity driven by devolution and discovery of petroleum resources.
By Julius Musungu
The Multi-lateral Guarantee Agency (MIGA) has committed $30 million (Sh2.5 billion) to guarantee Kenyan business against political risk.
MIGA Vice president and Chief Operating Officer Michel Wormser also said the agency that is part of the World Bank Group has entered into talks with the government to increase its scope and operation in the country by insuring companies against operational risks.
Tullow Oil plc (“Tullow”) Thursday announced the discovery of more oil at Etom-1 well in Block 13T in South Lokichar.
The UK Company said the well is the most northerly well drilled to date in the South Lokichar basin, 6.5 km north of the previous Agete-1 discovery.
The Multilateral Investment Guarantee Agency (MIGA) Vice President Michel Wormser, and Chief Operating Officer of will visit Kenya Thursday.
Mr Wormser’s visit underscores MIGA’s continued support to the country’s development goals, especially as Kenya builds its power generation capacity through private sector investment